Global Welding Products Market: Snapshot
The global welding products industry has been witnessing robust growth over the past few years, mainly driven by continuous technological advancements in welding techniques. Welding products find extensive demand from a range of industries such as manufacturing, marine, automotive, building and construction, and offshore. In recent years, welding products have been experiencing surging demand across the oil and gas industry for revamping of pipelines. A slew of customized welding products and equipment are in the market to help oil and gas companies meet various customer requirements and global standards. In addition, the demand for weld pipes for the construction of new pipelines will positively affect the market. Furthermore, the only joining method used in various underwater application is welding, which also significantly stimulated the demand for welding equipment and consumable in these applications.
The market for welding products was valued at US$19,080.3mn in 2015 and is projected to attain a size of US$23,777.5mn by 2020. The growing prominence of resistant welding technology and the many applications in the automotive industry for maintenance and repair are the key factors propelling the demand for welding products.
Asia Pacific Market to Provide Ample Opportunities for Companies to Capitalize on
Based on geography, the global welding products market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, Asia Pacific leads the market. In terms of revenue, the estimated valuation of this regional market was US$8,663.5mn and is expected to expand at a CAGR of 4.7% from 2014 to 2020. The growth of the Asia Pacific market is attributed to the substantial demand for arc welding in industries such as automobile, building and construction, and manufacturing. A large presence of manufacturing firms in emerging nations such as India and China is further expected to fuel the demand. The Asia Pacific market is trailed by the Europe and North America markets. However, in the coming years, these regional markets are expected to grow at a slow pace, mainly due to the lack of skilled labor.
Automobile and Transportation Industry to Offer Lucrative Market Avenues
Based on technology, the welding products market is segmented into resistance welding, arc welding, oxy-fuel welding, laser beam welding, and ultrasound welding. The major consumables used in welding equipment are stick electrodes, solid wires, flux-cored wires, saw wires and fluxes, and gases. Among these, the stick electrodes segment held a significant market share in 2016. The large presence of end-use industries in emerging markets accounts for a substantial uptake of this segment. However, over the forecast period the segment is expected to lose its market share to flux-cored wires and solid wires welding consumable segments, attributed to the high performance and cost-effectiveness of the latter.
The market for flux-cored wires will rise at a CAGR of 4.9% from 2014 to 2020. Growing awareness about the advantages of flux-cored such as self-shielding property in various end-use industries will boost the market.
Based on application, the welding products market is segmented mainly into automobile and transportation, building and construction, and marine. Of these, the automobile and transportation segment held a major market share in 2016 with the estimated revenue valuation of US$3,474.0mn. The segment is anticipated to maintain its lead throughout the forecast period. The impressive growth of the segment is due to the substantial demand for welding products and equipment in areas such as automotive, aerospace, and railways to manufacture various large structural components.
Some of the major players operating in the welding products market are ESAB, Fronius International GmbH, Illinois Tool Works Inc., Lincoln Electric, Amada Miyachi America, Inc., Arcon Welding Equipment, LLC, Obara Corporation, and DAIHEN Corporation.
The global welding products industry has been experiencing strong growth from various end-user industries, primarily from the building and construction industry. Other key end-user industries include electronics, mining and energy. However, this study on welding products focuses on key industries such as building and construction, marine and transportation (including aviation, automobile and railways).
Industry analysis of the report provides a comprehensive view of each player in the value chain of the welding products market. It also provides key driving and restraining factors in the welding products market, with impact analysis of each factor. The industry analysis also elaborates on the possible opportunities for the market in the future. Additionally, the report analyzes the global competition for welding products with the help of a Porter’s Five Forces analysis model.
This study analyzes the welding products industry, and estimates and forecasts the global market in terms of revenue (USD million). The welding products report segments the market based on technology, product types, application and key regions. Key technologies included in the report are arc welding, resistance welding, oxy-fuel welding and cutting, laser beam welding and ultrasound welding. Key products included in the scope of the report are stick electrodes, solid wires, magnesium, flux-cored wires, SAW wires and fluxes and others (including gases). Key applications included in the study are automobile and transportation, building and construction, and marine applications. The welding products report analyzes the attractiveness of each technology with the help of the market attractiveness tool.
The report segments the welding products market into key regions such as North America, Europe, Asia Pacific and RoW. RoW includes Latin America, the Middle East and Africa. Each technology, product and application segment has been further provided for each regional market. The welding products study provides market estimates and forecast for each segment in terms of revenue (USD million).
The welding products report comprises profiles of key companies such as DAIHEN Corporation, Arcon Welding, Panasonic Welding, Miyachi Corp, Lincoln Electric Holdings, ROFIN-SINAR Technologies and Doncasters Group Ltd. Company profiles include parameters such as company overview, product portfolio, financial overview, business strategies, SWOT analysis and recent developments.
Primary research represents the bulk of research efforts, supplemented by an extensive secondary research. We reviewed key players’ product literature, annual reports, press releases and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations and agencies. This has proven to be the most reliable, effective and successful approach for obtaining precise market data, capturing industry participants’ insights and recognizing business opportunities. Secondary research sources that are typically referred to include company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings, internal and external proprietary databases, and relevant patent, regulatory databases, national government documents, statistical databases and market reports, news articles, press releases and webcasts specific to companies operating in the market. Secondary research sources referred for the study of welding products are Welding Design website, Total Materia, company websites, investor presentations and company annual reports
The report segments the global welding products market as:
Welding Products Market - Technology Analysis
- Arc welding
- Resistance welding
- Oxy-fuel welding
- Laser beam welding
- Others (ultrasound welding, etc.)
Welding Consumables Market - Product Segment Analysis
- Stick electrodes
- Solid wires
- Flux-cored wires
- SAW wires and fluxes
- Others (gases, etc.)
Welding Products Market - Application Analysis
- Automobile and transportation
- Building & construction
- Others (repair and maintenance, etc.)
Welding Products Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)